PALMOILMAGAZINE, JAKARTA – On Friday (8/11/2024), PT Kharisma Pemasaran Bersama Nusantara (KPBN) set the price of crude palm oil (CPO) at IDR 15,544/kg, reflecting a 0.74% increase of IDR 114/kg from Thursday’s price of IDR 15,430/kg.
According to data from the KPBN received by Palmoilmagazine.com, the Dumai franco price was also set at IDR 15,544/kg, while palm kernel oil (CPKO) in Lampung opened at IDR 24,294/kg, with the highest bid price (WD) at IDR 21,900/kg.
Palmoilmagazine.com noted that during the period of November 4-8, 2024, the average CPO price at KPBN rose by IDR 542.60/kg to IDR 15,392.80/kg, marking a 3.65% increase from the previous week’s average price of IDR 14,850.60/kg (October 28-November 1, 2024). Meanwhile, Reuters noted that CPO futures prices on the Malaysian bourse were poised for a third consecutive weekly gain, boosted by stronger edible oil prices on the Dalian bourse.
The price of the benchmark FCPOc3 palm oil contract for January 2025 delivery on the Bursa Malaysia Derivatives Exchange rose RM 51 per ton or about 1.03%, to RM 5,003 per metric ton in early trade, up for the third consecutive session. The contract has gained 2.77% over the week.
“Palm oil futures prices rose during the opening and faced resistance at prices above 5,000 ringgit. However, palm oil prices remained near this level amid a rally in higher vegetable oils, indicating strong bullish sentiment,” said Darren Lim, commodity strategist at Singapore-based brokerage Phillip Nova.
Meanwhile, the price of Dalian’s most active soybean oil contract DBYcv1 rose 0.48%, while its palm oil contract DCPcv1 gained 1.65%. Soybean oil prices on the Chicago Board of Trade BOcv1 fell 0.39%.
The following are the details of the KPBN Tender results (IDR./Kg), Excld VAT for the period Friday (8/11/2024):
CPO: Franco Dumai IDR. 15,544-WNI
CPKO: Lampung IDR 24,294 (WD). The highest bid is IDR 21,900-IKIN. (P2)
